Title 26.1 — Insurance
118 chapters · 1,472 sections in this title.
N.D.C.C. § 26.1-42.1-01 Scope
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This chapter applies to every kind of direct insurance, except: 1. Life, annuity, health, or disability insurance; 2. Mortgage guaranty, financial guaranty, or other forms of insurance offering protection against investment risks; 3. Fidelity or surety bonds or any other bonding …
N.D.C.C. § 26.1-42.1-02 Definitions
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As used in this chapter: 1. "Affiliate" means a person who directly, or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with an insolvent insurer on December thirty-first of the year immediately following the date the insurer…
N.D.C.C. § 26.1-42.1-03 Creation of the association
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A nonprofit unincorporated legal entity known as the North Dakota insurance guaranty association is created. Every insurer defined as a member insurer in section 26.1-42.1-02 shall be and remain a member of the association as a condition of that insurer's authority to transact in…
N.D.C.C. § 26.1-42.1-04 Board of directors
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1. The board of directors of the association consists of a minimum of five and a maximum of nine persons serving terms as established in the plan of operation. The members of the board must be selected by member insurers, subject to the approval of the commissioner. A vacancy on …
N.D.C.C. § 26.1-42.1-05 Powers and duties of the association
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1. The association: a. Shall pay covered claims existing before the order of liquidation and arising within thirty days after the order of liquidation or before the policy expiration date if less than thirty days after the order of liquidation, or before the insured replaces the …
N.D.C.C. § 26.1-42.1-06 Plan of operation
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1. The association shall submit to the commissioner a plan of operation and any amendments to this plan necessary or suitable to assure the fair, reasonable, and equitable administration of the association. The plan of operation and any amendments become effective upon written ap…
N.D.C.C. § 26.1-42.1-07 Duties and powers of the commissioner
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1. The commissioner shall: a. Notify the association of the existence of an insolvent insurer within three days after the commissioner receives notice of the determination of the insolvency. The association is entitled to a copy of any complaint seeking an order of liquidation wi…
N.D.C.C. § 26.1-42.1-08 Effect of paid claims
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1. Any person recovering under this chapter is deemed to have assigned that person's rights under the policy to the association to the extent of recovery from the association. Every insured or claimant seeking the protection of this chapter shall cooperate with the association to…
N.D.C.C. § 26.1-42.1-09 Exhaustion of other coverage
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1. Any person with a claim against an insurer, regardless of whether that insurer is a member insurer under any provision in an insurance policy other than a policy of an insolvent insurer which is also a covered claim, is required to exhaust first that person's right under that …
N.D.C.C. § 26.1-42.1-10 Prevention of insolvencies
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To aid in the detection and prevention of insurer insolvencies: 1. The board of directors, upon majority vote, may make recommendations to the commissioner for the detection and prevention of insurer insolvencies. 2. The board of directors, upon majority vote, may make recommenda…
N.D.C.C. § 26.1-42.1-11 Examination of the association
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The association is subject to examination and regulation by the commissioner. The board of directors shall submit, by March thirty-first of each year, a financial report for the preceding calendar year in a form approved by the commissioner.
N.D.C.C. § 26.1-42.1-12 Tax exemption
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The association is exempt from payment of all fees and all taxes levied by this state or any political subdivision except taxes levied on property.
N.D.C.C. § 26.1-42.1-13 Recognition of assessments in rates
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The rate and premiums charged for insurance policies to which this chapter applies must include amounts sufficient to recoup a sum equal to the amounts paid to the association by the member insurer less any amounts returned to the member insurer by the association. These rates ma…
N.D.C.C. § 26.1-42.1-14 Immunity
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There is no liability on the part of and no claim for relief may arise against any member insurer, the association or the association's agents or employees, the board of directors, or any person serving as a representative of any director, or the commissioner or the commissioner'…
N.D.C.C. § 26.1-42.1-15 Stay of proceedings
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All proceedings in which the insolvent insurer is a party or is obligated to defend a party in any court in this state, subject to waiver by the association in specific cases involving covered claims, must be stayed until the last day fixed by the court for the filing of claims a…